Question
Floss Company has $10,000 in cash on hand on January 1 and has collected the following budget data: (Click the icon to view the
Floss Company has $10,000 in cash on hand on January 1 and has collected the following budget data: (Click the icon to view the budget data.) Assume Floss has cash payments for selling and administrative expenses including salaries of $30,000 plus commissions of 3% of sales, all paid in the month of sale. The company requires a minimum cash balance of $9,000. Prepare a cash budget for January and February. Will Floss need to borrow cash by the end of February? Data table Sales Cash receipts from customers Cash payments for merchandise inventory January February $ 1,390,000 $ 851,530 680,000 871,000 562,000 532,346 all input fields. Enter a "0" for any zero balances.) Print Done
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